413 S Walts Ave Ave · Sioux Falls, SD 57104

$159,900

3 bd · 2.0 ba · 1,192 sqft · Other public records · 6 Days on market

Built 1880 7,100 sqft lot

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +9.6/30.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Schools +3.7/10.0
• 1% rule +2.9/10.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

FIXER UPPER! This property offers 3 bedrooms, formal dining room, spacious living area, vinyl siding, patio, shed and mature trees. There is a lot of work to be done here - an equity building opportunity! Sold AS-IS.

Key facts

• Beautiful staircase
• Gleaming wood floors
• Historic home

Tags

• HISTORIC HOME
• CLASSIC FOYER
• BEAUTIFUL STAIRCASE
• GLEAMING WOOD FLOORS
• STUNNING WHITE WOODWORK
• STAINED-GLASS ACCENTS

Property features AI

Exterior

• Parking: Gravel parking; Room to add a garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 1.5-story; Above-grade finished area listed; Below-grade unfinished area listed; Located inside city limits
• Construction: Vinyl siding; Composition roof; Other type foundation
• Exterior features: Shed(s); City lot; Lot dimensions approximately 50 x 142

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator; Kitchen on main level (approx. 11 x 11)
• Bedrooms: Three upper-level bedrooms (Master: 10 x 16; Bedroom 2: 13 x 10; Bedroom 3: 9 x 13)
• Flooring: Carpet; Wood; Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Partial basement; Three or more bedrooms on the same level; 6 total rooms
• Laundry & utility: Electric water heater; No water softener

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $160k.

Deal economics

• At list price, monthly cash flow is $-108 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $141k (12.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (20.8% below list).
• Recommended offer: $127k (20.8% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 2.6% in Sioux Falls — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 85/100 on livability (#3 in SD, #610 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Sioux Falls School District 49-5 (urban): math 39% / reading 48% proficiency, ranked #45 of 59 in SD (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jefferson High School - 67 (1,749 students, 34% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: Rents rising fast (+7.0%/yr); 153 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,425 units permitted in Minnehaha County in 2024 (1,367 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Minnehaha County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $39k; list at $160k implies a 310% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,572 (20.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.79% ✗
• Cap rate: 5.48%
• Cash-on-cash: -2.90%
• DSCR: 0.87
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.99% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.39×
• Total profit: $-27,497
• Equity at exit: $23,842

10-year hold

• IRR: -2.6%
• Equity multiple: 0.79×
• Total profit: $-9,186
• Equity at exit: $13,825

Cash invested: $44,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State South Dakota: 83 Strongly Landlord-Friendly · R+16
• County: — inherits STATE
• City: — inherits STATE

3-day notice; mostly landlord-friendly.

Methodology + full state rankings →

ZIP-level market 57104

• Home prices YoY: -27.1%
• Rents YoY: 7.0%
• Active inventory: 153
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,266 high
• Mortgage (P&I): −$839
• Tax from tax record: −$203 /mo · $2,436/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $-108

Break-even live

Break-even rent $1,403

Max offer price $140,783

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
915 W 12th St Sioux Falls, SD	3.0	2.0	1100	$1,395	$1.27	21d	1	0.02mi
718 W 12th St Unit 4 Sioux Falls, SD	2.0	1.0	1000	$875	$0.88	21d	1	0.14mi
219 S Menlo Ave Sioux Falls, SD	1.0–2.0	1.0	847	$1,004	$1.19	13d	4	0.16mi
708 S Euclid Ave Sioux Falls, SD	2.0	1.0	700	$899	$1.28	13d	1	0.28mi
1330 W 14th St Sioux Falls, SD	3.0	1.0	1032	$1,499	$1.45	43d	1	0.31mi
203 S Covell Ave Unit 3 Sioux Falls, SD	2.0	1.0	750	$850	$1.13	43d	1	0.32mi
602 W 9th St Sioux Falls, SD	2.0	1.0	900	$1,100	$1.22	13d	1	0.38mi
500 W 16th St Apt 6 Sioux Falls, SD	2.0	1.0	725	$825	$1.14	43d	1	0.40mi
425 W 16th St Unit 427 Sioux Falls, SD	3.0	1.5	1200	$1,200	$1.00	43d	1	0.44mi
1000 S Summit Ave Unit 03 Sioux Falls, SD	2.0	2.0	950	$1,050	$1.11	21d	1	0.48mi
1009 W 7th St Sioux Falls, SD	2.0	1.5	1125	$1,600	$1.42	43d	1	0.49mi
1605 W 10th St Sioux Falls, SD	2.0	1.0	1100	$1,295	$1.18	21d	1	0.53mi
811 S Glendale Ave Sioux Falls, SD	3.0	2.0	1368	$1,650	$1.21	43d	1	0.54mi
633 S Main Ave Unit 2 Sioux Falls, SD	2.0	1.5	980	$950	$0.97	43d	1	0.56mi
647 S Main Ave Sioux Falls, SD	2.0	2.0	1224	$1,097	$0.90	13d	2	0.57mi
101 S Main Ave Sioux Falls, SD	1.0–2.0	1.0–2.0	1143	$2,450	$2.14	43d	2	0.58mi
1733 W 11th St Sioux Falls, SD	2.0	1.0	875	$1,350	$1.54	43d	1	0.61mi
210 W 17th St Sioux Falls, SD	2.0	1.0	720	$1,000	$1.39	43d	1	0.61mi
616 S Western Ave Sioux Falls, SD	2.0	1.0	768	$875	$1.14	21d	1	0.63mi
230 S Phillips Ave Unit 405 Sioux Falls, SD	2.0	1.0	925	$1,625	$1.76	21d	1	0.65mi
112 W 17th St Unit 7 Sioux Falls, SD	2.0	1.0	1000	$1,150	$1.15	43d	1	0.66mi
100 W 17th St Apt 15 Sioux Falls, SD	2.0	1.5	1000	$1,195	$1.20	21d	1	0.69mi
205 E 12th St Sioux Falls, SD	1.0–2.0	1.0–2.0	772	$2,430	$3.15	13d	28	0.71mi
205 W 18th St Sioux Falls, SD	1.0–2.0	1.0	1000	$995	$0.99	21d	2	0.71mi
320 N Western Ave Sioux Falls, SD	3.0	2.0	1100	$1,056	$0.96	43d	1	0.79mi
105 S Lyndale Ave Sioux Falls, SD	2.0	1.0	1100	$1,195	$1.09	43d	1	0.79mi
633 N Menlo Ave Sioux Falls, SD	4.0	1.5	1450	$1,750	$1.21	21d	1	0.82mi
325 E 12th St Sioux Falls, SD	1.0–2.0	1.0–2.0	954	$1,680	$1.76	13d	11	0.82mi
704 N Duluth Ave Sioux Falls, SD	2.0	1.0	900	$2,000	$2.22	43d	1	0.89mi
758 S 3rd Ave Sioux Falls, SD	2.0	1.0	900	$900	$1.00	21d	1	0.92mi
350 N Reid Pl Sioux Falls, SD	2.0	1.0–2.0	898	$3,000	$3.34	13d	9	0.96mi
310 N Reid Pl Sioux Falls, SD	3.0	1.0–3.0	1251	$5,000	$4.00	13d	7	0.96mi
1900 W 6th St Sioux Falls, SD	2.0	1.0	813	$853	$1.05	13d	1	0.97mi
155 E 4th Pl Sioux Falls, SD	2.0	1.0–2.0	950	$3,240	$3.41	13d	12	1.03mi
1906 S Menlo Ave Sioux Falls, SD	4.0	2.0	1300	$1,640	$1.26	43d	1	1.03mi
701 N Phillips Ave Sioux Falls, SD	2.0	1.0–2.5	894	$2,589	$2.90	13d	17	1.08mi
500 S Kiwanis Ave Sioux Falls, SD	1.0–2.0	1.0–2.0	859	$1,045	$1.22	13d	11	1.09mi
1000 N Covell Ave Sioux Falls, SD	2.0	1.0	750	$874	$1.17	21d	1	1.11mi
2000 S Duluth Ave Sioux Falls, SD	2.0	1.0	1192	$1,400	$1.17	21d	1	1.13mi
928 N Spring Ave Sioux Falls, SD	3.0	1.0	902	$1,395	$1.55	21d	1	1.14mi

Listing history 5 events

1. 2026-06-18
   days on market $159,900 Active 6 DOM
2. 2026-06-17
   days on market $159,900 Active 5 DOM
3. 2026-06-16
   days on market $159,900 Active 4 DOM
4. 2026-06-15
   days on market $159,900 Active 3 DOM
5. 2026-06-13
   listed $159,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast SD · Resets to sale price

• Current annual tax: $2,436 · $203/mo
• Projected year-2 tax: $2,436 · $203/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,189
• − Mortgage interest: −$8,957
• − Property taxes: −$2,436
• − Insurance: −$800
• − Repairs & maintenance: −$1,215
• − Management: −$1,215
• − Depreciation: −$4,652
• Taxable loss: −$4,085
• Est. tax savings @ 24.0%: +$980
• After-tax cash flow: $-318/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Sioux Falls School District 49-5
• NCES district ID: 4666270
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $51,093
• Composite: 37.47/100
• National rank: #4407
• State rank: #45 of 59 in SD

Livability — Sioux Falls

• Score: 85/100
• State rank: #3
• US rank: #610

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment B Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sioux Falls, SD
• County: Minnehaha County · 191,523 people
• City population: 207,623
• Metro: Sioux Falls, SD
• Population (ZIP): 26,963
• Household income: $57,688
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1111.0

Population outlook (Minnehaha County) Hauer SSP2

• Today (2025): 222,323 people
• By 2030: 241,430 · +8.6%
• By 2040: 281,643 · +26.7%
• By 2050: 325,574 · +46.4%
• By 2075: 469,313 · +111.1%
• By 2100: 664,763 · +199.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 11% Two or more races 10% Hispanic / Latino 9% Native American 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 9% Iranian 3% Italian 1%
• Foreign-born: 13% · Canada
• Languages at home: 83% English-only · Spanish 6% Russian/Polish/Slavic 1% Arabic 1%

Political lean MEDSL · Minnehaha

• 2024 margin: R (+12.7) · D 42.5% · R 55.2% · Other 2.4%
• 2008→2024 swing: -13.4pp toward R · 2008: 0.7pp · 2024: -12.7pp
• All cycles: 2024: R+12.7 2020: R+9.5 2016: R+14.6 2012: R+7.4 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.10%
• Current HPI: 261.8359
• Rent YoY: ▲ 6.99%
• Metro: Sioux Falls, SD
• State GDP YoY: ▲ 0.70%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SD)

Industry	F500 HQs	Revenue
▸Utilities	1	$1B

Price history

+284.4% since first listed

5 events — show timeline

• 2026-06-11 Listed $159,900 REALTOR® Association of the Sioux Empire
• 2019-08-13 Listing Removed — REALTOR® Association of the Sioux Empire
• 2019-07-05 Listed $159,900 REALTOR® Association of the Sioux Empire
• 2018-08-10 Sold (Public Records) $39,000 Public Records
• 2018-05-03 Listed $41,600 REALTOR® Association of the Sioux Empire

Property tax history

+9.2%/yr

Latest (2024): $2,436 · +16.3% YoY. Source: county tax records.